Latest Ratios: P/E Ratio -2.7x · EV/EBITDA N/A · ROE -26.7%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $147M | $483M | $529M | $1.0B | $492M | $843M | $1.2B | $588M | — | — |
| Enterprise Value | $172M | $650M | $152M | $956M | $443M | $626M | $1.1B | $304M | — | — |
| P/E Ratio → | -2.70 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.82 | 1.16 | 1.16 | 8.69 | 11.10 | 14.84 | 6.42 | 4.83 | — | — |
| P/B Ratio | 0.87 | 0.43 | 0.55 | 4.76 | 3.95 | 2.52 | 4.16 | 1.87 | — | — |
| P/FCF | — | — | 4.45 | — | — | — | — | — | — | — |
| P/OCF | — | — | 3.35 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.55 | 0.33 | 8.14 | 9.99 | 11.02 | 5.91 | 2.50 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | 1.27 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.5% | 61.5% | 61.4% | 64.1% | 65.9% | 63.4% | 59.0% | 58.5% | 50.8% | 13.2% |
| Operating Margin | -75.8% | -75.8% | -55.7% | -252.3% | -685.9% | -564.3% | -50.7% | -38.0% | -111.8% | -397.3% |
| Net Profit Margin | -66.0% | -66.0% | -50.4% | -256.9% | -740.6% | -552.7% | -48.7% | -39.9% | -119.0% | -275.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -26.7% | -26.7% | -39.3% | -178.0% | -143.1% | -102.6% | -29.5% | -15.4% | — | — |
| ROA | -15.2% | -15.2% | -21.1% | -53.4% | -61.6% | -61.6% | -18.8% | -16.9% | -56.9% | -57.0% |
| ROIC | -25.5% | -25.5% | -52.4% | -197.5% | -236.7% | -159.2% | -63.4% | -111.3% | — | — |
| ROCE | -26.0% | -26.0% | -34.7% | -99.2% | -93.9% | -88.4% | -26.8% | -22.0% | -79.0% | -104.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.41 | 0.41 | 0.24 | 0.76 | 1.60 | 0.09 | 0.16 | 0.12 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.15 | -0.39 | -0.30 | -0.39 | -0.65 | -0.33 | -0.90 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | -3.17 | — | — | — | — | — | — | — |
| Interest Coverage | -45.11 | -45.11 | -65.75 | -19.10 | -85.27 | -172.87 | -38.40 | -55.35 | -141.24 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.12 | 2.12 | 2.89 | 1.81 | 1.37 | 3.50 | 2.69 | 4.48 | 1.79 | 3.96 |
| Quick Ratio | 1.98 | 1.98 | 2.72 | 1.57 | 1.11 | 2.92 | 2.39 | 4.29 | 1.72 | 3.91 |
| Cash Ratio | 1.55 | 1.55 | 2.39 | 1.20 | 0.88 | 2.29 | 1.18 | 3.45 | 1.08 | 3.05 |
| Asset Turnover | — | 0.20 | 0.29 | 0.20 | 0.08 | 0.11 | 0.37 | 0.27 | 0.53 | 0.21 |
| Inventory Turnover | 1.58 | 1.58 | 2.33 | 0.71 | 0.21 | 0.27 | 1.57 | 2.74 | 8.36 | 19.68 |
| Days Sales Outstanding | — | 183.86 | 64.72 | 142.89 | 256.13 | 475.70 | 332.11 | 180.15 | 115.01 | 71.95 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | 22.5% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $37M | $34M | $61M | $57M | $56M | $55M | $55M | $54M | $54M |
Includes 30+ ratios · 9 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EH stock.
EHang Holdings Limited's current P/E ratio is -2.7x. This places it at the 50th percentile of its historical range.
EHang Holdings Limited's return on equity (ROE) is -26.7%. The historical average is -76.4%.
Based on historical data, EHang Holdings Limited is trading at a P/E of -2.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
EHang Holdings Limited has 61.5% gross margin and -75.8% operating margin.
Key Metrics
Top Statement Risk
Persistent operating losses and cash burn
Negative Earnings Make P/E Uninformative
With a trailing P/E of -3.52 and P/S of 2.35 against a P/B of 0.87, EHang's valuation rests on book value and sales rather than earnings, which is common when losses persist across the reported quarters, according to its filings.
The negative trailing P/E is not meaningful as a valuation anchor because net margin has been negative in every quarter shown, reaching -165.4% in 2026Q2. A P/B of 0.87 suggests the market values the balance sheet at a discount, which may reflect skepticism about whether reported book equity of roughly $907M can be converted into earnings. Compared with peers ACHR and JOBY, trading at P/B of 1.26 and 3.48, EH's lower multiple suggests investors are pricing in greater execution or dilution risk.
Gross Margin Stable, Operating Losses Dominant
EHang's gross margin held between 60.7% and 64.7% across ten quarters, yet operating margin ranged from -3.4% to -172.9%, showing that gross unit economics are not the binding constraint, as the reported figures make clear.
The stability of gross margin suggests consistent pricing spread, but operating expenses have repeatedly exceeded gross profit by a wide multiple. This points to a cost structure that scales poorly relative to current revenue, which may reflect elevated R&D and stock-based compensation. Investors should monitor whether operating margin improves as revenue scales, since no quarter in the dataset shows sustained convergence toward breakeven.
Returns Deeply Negative and Not Compounding
ROIC has remained negative, ranging from -6.0% to -38.2% across the reported quarters, with the most recent 2026Q2 reading at -7.9%, which suggests capital is being consumed rather than compounded.
The pattern of negative ROIC and ROE across the ten quarters indicates that incremental invested capital, including the PP&E expansion from about $119M to $399M, has not yet generated positive returns. The 2026Q2 improvement relative to 2024Q2 appears driven by a shrinking loss base rather than improving operating efficiency, and warrants further investigation before drawing conclusions about trajectory.
Liquidity Adequate Despite Shrinking Cash
A current ratio of 1.84 and quick ratio of 1.65 in 2026Q2 suggest near-term liquidity remains adequate, though cash has fallen from about $623M in 2024Q2 to $209M, based on EHang's reported figures.
The current ratio has declined from 2.89 in 2024Q4 to 1.84, which may indicate that current liabilities are growing faster than liquid assets. Given operating cash outflows of $174.6M in 2025Q4 alone, the cash balance could come under pressure if funding access tightens, though the supplied data does not disclose financing commitments. Under severe stress, the quick ratio of 1.65 provides some cushion, but the trend warrants close monitoring.
Debt Rising From a Low Base
Total debt rose from roughly $163.5M in 2023Q4 to $578.3M in 2026Q2, lifting debt-to-equity to 0.64, yet interest coverage is negative in every quarter, so debt service appears to rely on capital rather than operating earnings.
A D/E ratio of 0.64 is moderate in absolute terms, but the interest coverage ratio of -59.39 in 2026Q2 means operating earnings do not cover interest obligations. This suggests debt service depends on external financing or existing cash reserves. The rising debt alongside a shrinking cash balance may warrant further investigation into refinancing terms, which are not disclosed in the supplied data.
Misapplied Asset Turnover for Pre-Revenue Model
Asset turnover of 0.04 in 2026Q2 and a cash conversion cycle of 140 days look weak on their face, but they may mislead when applied to a business whose capital is deployed ahead of recognized revenue, as reported figures suggest.
Asset turnover and working capital cycle ratios assume a steady-state manufacturing or retail model, whereas EHang's quarterly revenue has been lumpy and its PP&E build-out has been large relative to sales. Using these ratios to judge efficiency may penalize capacity investment that has not yet reached scale. A more informative approach would track revenue per unit of delivered aircraft or capacity utilization, which the supplied data does not provide, so conclusions should remain tentative.